Continue to site >
Trending ETFs

Name

As of 03/26/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

ARBITRAGE FUND

ARBNX | Fund

$13.32

$988 M

0.25%

$0.03

1.35%

Vitals

YTD Return

0.9%

1 yr return

7.7%

3 Yr Avg Return

1.8%

5 Yr Avg Return

3.2%

Net Assets

$988 M

Holdings in Top 10

59.7%

52 WEEK LOW AND HIGH

$13.3
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.35%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 300.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$100,000

IRA

$100,000


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 03/26/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

ARBITRAGE FUND

ARBNX | Fund

$13.32

$988 M

0.25%

$0.03

1.35%

ARBNX - Profile

Distributions

  • YTD Total Return 0.9%
  • 3 Yr Annualized Total Return 1.8%
  • 5 Yr Annualized Total Return 3.2%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 0.16%
DIVIDENDS
  • Dividend Yield 0.3%
  • Dividend Distribution Frequency Annual

Fund Details

  • Legal Name
    ARBITRAGE FUND
  • Fund Family Name
    Water Island Capital-Advised Funds
  • Inception Date
    Oct 17, 2003
  • Shares Outstanding
    N/A
  • Share Class
    I
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    John Orrico

Fund Description

In attempting to achieve its investment objective, under normal market conditions the Fund will seek to invest at least 80% of its net assets (including borrowings for investment purposes) in equity securities of companies (both United States ((the "U.S.") and foreign) that are involved in publicly announced mergers, takeovers, tender offers, leveraged buyouts, spin-offs, liquidations, and other corporate reorganizations. Equity securities include common and preferred stock. The Fund may invest in equity securities of companies of any market capitalization. Merger arbitrage is a highly specialized investment approach designed to profit from the successful completion of mergers, takeovers, tender offers, leveraged buyouts, spin-offs, liquidations, and other corporate reorganizations. The Fund's investment adviser (the "Adviser") uses various investment strategies, including short selling and the purchasing and selling of options, in an attempt to preserve capital during times of market stress and to minimize market exposure, correlation, and volatility. The Adviser expects the Fund's assets to be invested across various industries; however, if for example, a large percentage (namely, at least 50%) of mergers or other corporate events taking place within the U.S. are within one industry over a given period of time, a large portion of the Fund's assets could be concentrated in that industry for that period of time.

The most common merger arbitrage activity, and the approach the Fund primarily uses, involves purchasing the shares of an announced acquisition target company at a discount to their expected value upon completion of the acquisition. The Fund may engage in selling securities short when the terms of a proposed acquisition call for the exchange of common stock and/or other securities. In such a case, the common stock of the company to be acquired may be purchased and, at approximately the same time, an amount of the acquiring company's common stock and/or other securities, as per the terms of the transaction, may be sold short. The purpose of the short sale is to protect against a decline in the market value of the acquiring company's securities prior to the acquisition's completion. The Fund may enter into equity swap agreements for the purpose of attempting to obtain a desired return on, or exposure to, certain equity securities or equity indices in an expedited manner or at a lower cost to the Fund than if the Fund had invested directly in such securities. The Fund may, but is not required to, seek to reduce currency risk by hedging part or all of its exposure to various foreign currencies. Furthermore, the Fund may invest in other investment companies, including other funds advised by the Adviser, and in exchange traded funds ("ETFs").

The Fund generally engages in active and frequent trading of portfolio securities to achieve its investment objective. The Fund will generally sell or close out a security when the securities of the companies involved in the transaction no longer meet the Fund's expected return criteria when gauged by prevailing market prices and the relative risks of the situation. The Fund may hold a significant portion of its assets in cash, money market or similar cash management funds, or short-term investments for defensive purposes, to preserve the Fund's ability to capitalize quickly on new market opportunities, or for other reasons, such as because the Adviser has determined to obtain investment exposure through derivative instruments instead of direct cash investments. The Fund may also hold a significant amount of cash or short-term investments immediately after a period in which several transactions in which the Fund has invested close in a similar timeframe, yet before capital is redeployed to other opportunities.

Read More

ARBNX - Performance

Return Ranking - Trailing

Period ARBNX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.9% -11.6% 15.8% 50.00%
1 Yr 7.7% -33.0% 41.7% 35.92%
3 Yr 1.8%* -10.5% 13.4% 37.76%
5 Yr 3.2%* -4.8% 11.1% 42.17%
10 Yr 2.9%* -4.6% 7.6% 50.00%

* Annualized

Return Ranking - Calendar

Period ARBNX Return Category Return Low Category Return High Rank in Category (%)
2023 3.9% -31.7% 23.2% 54.08%
2022 -4.4% -20.7% 10.7% 36.08%
2021 0.5% -12.4% 14.7% 32.22%
2020 -1.0% -13.2% 12.9% 73.42%
2019 1.7% -11.7% 7.9% 35.71%

Total Return Ranking - Trailing

Period ARBNX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.9% -11.7% 15.8% 50.00%
1 Yr 7.7% -33.0% 41.7% 31.07%
3 Yr 1.8%* -10.5% 13.4% 35.71%
5 Yr 3.2%* -4.8% 11.1% 38.55%
10 Yr 2.9%* -4.6% 7.6% 50.00%

* Annualized

Total Return Ranking - Calendar

Period ARBNX Return Category Return Low Category Return High Rank in Category (%)
2023 6.0% -31.7% 23.2% 54.08%
2022 -0.7% -20.7% 10.7% 36.08%
2021 1.0% -12.4% 14.7% 42.22%
2020 5.7% -12.7% 12.9% 48.10%
2019 3.8% -11.5% 13.2% 40.00%

NAV & Total Return History


ARBNX - Holdings

Concentration Analysis

ARBNX Category Low Category High ARBNX % Rank
Net Assets 988 M 105 K 12.6 B 11.54%
Number of Holdings 146 5 2526 70.19%
Net Assets in Top 10 613 M -619 M 6.53 B 23.08%
Weighting of Top 10 59.69% 7.6% 96.1% 51.22%

Top 10 Holdings

  1. Morgan Stanley Institutional Liquidity Funds - Government Portfolio 13.24%
  2. State Street Institutional US Government Money Market Fund 13.24%
  3. Water Island Event Driven Fund 7.46%
  4. Splunk Inc 4.62%
  5. Pioneer Natural Resources Co 4.25%
  6. Seagen Inc 4.11%
  7. Hess Corp 3.31%
  8. Sovos Brands Inc 3.24%
  9. TEGNA Inc 3.16%
  10. Spirit Realty Capital Inc 3.05%

Asset Allocation

Weighting Return Low Return High ARBNX % Rank
Stocks
68.35% -57.09% 325.56% 13.46%
Cash
30.14% -225.56% 102.75% 70.19%
Convertible Bonds
0.64% 0.00% 95.47% 38.46%
Other
0.26% -11.90% 43.69% 87.50%
Bonds
0.24% -1.04% 63.30% 45.19%
Preferred Stocks
0.00% 0.00% 5.67% 84.62%

Stock Sector Breakdown

Weighting Return Low Return High ARBNX % Rank
Technology
32.29% 0.00% 100.00% 7.53%
Financial Services
15.25% 0.00% 98.37% 53.76%
Healthcare
11.20% 0.00% 27.28% 23.66%
Industrials
10.99% 0.00% 27.58% 36.56%
Communication Services
6.91% 0.00% 33.72% 33.33%
Real Estate
6.81% 0.00% 93.91% 60.22%
Utilities
4.13% 0.00% 66.28% 55.91%
Consumer Cyclical
3.83% 0.00% 29.06% 68.82%
Consumer Defense
3.43% 0.00% 30.58% 55.91%
Basic Materials
2.95% 0.00% 42.74% 66.67%
Energy
2.21% 0.00% 53.30% 60.22%

Stock Geographic Breakdown

Weighting Return Low Return High ARBNX % Rank
US
61.51% -55.82% 325.56% 19.23%
Non US
6.84% -7.09% 86.98% 8.65%

Bond Sector Breakdown

Weighting Return Low Return High ARBNX % Rank
Cash & Equivalents
30.14% 0.00% 100.00% 41.35%
Corporate
5.50% 0.00% 100.00% 40.38%
Derivative
0.26% 0.00% 30.95% 81.73%
Securitized
0.00% 0.00% 27.70% 79.81%
Municipal
0.00% 0.00% 3.82% 79.81%
Government
0.00% 0.00% 73.33% 83.65%

Bond Geographic Breakdown

Weighting Return Low Return High ARBNX % Rank
US
0.24% -1.04% 80.93% 45.19%
Non US
0.00% -64.71% 9.68% 13.46%

ARBNX - Expenses

Operational Fees

ARBNX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.35% 0.73% 9.52% 80.58%
Management Fee 1.06% 0.13% 1.65% 43.27%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.06% 0.40% 9.39%

Sales Fees

ARBNX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.75% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

ARBNX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% 58.93%

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

ARBNX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 300.00% 30.00% 483.00% 73.03%

ARBNX - Distributions

Dividend Yield Analysis

ARBNX Category Low Category High ARBNX % Rank
Dividend Yield 0.25% 0.00% 0.75% 75.96%

Dividend Distribution Analysis

ARBNX Category Low Category High Category Mod
Dividend Distribution Frequency Annual Annually Quarterly Annually

Net Income Ratio Analysis

ARBNX Category Low Category High ARBNX % Rank
Net Income Ratio 0.16% -2.49% 4.20% 54.37%

Capital Gain Distribution Analysis

ARBNX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

View More +

ARBNX - Fund Manager Analysis

Managers

John Orrico


Start Date

Tenure

Tenure Rank

Sep 18, 2000

21.71

21.7%

Mr. Orrico founded Water Island Capital, the advisor to The Arbitrage Funds, in 2000. He currently serves as Chairman of The Arbitrage Funds series trust and Chief Investment Officer of the firm. Prior to founding Water Island Capital, Mr. Orrico directed arbitrage, special situations, and distressed hedge fund portfolios at Lindemann Capital, which he joined in 1999, in conjunction with starting the organizational process for the Arbitrage Fund. Prior to joining Lindemann Capital, Mr. Orrico joined Gruss & Co in 1994, focusing on merger arbitrage and special situations, and became Senior Arbitrage Analyst in 1996. Mr. Orrico has worked in the securities industry since joining Morgan Stanley in 1982, beginning in corporate finance, with additional experience in institutional equity trading, equity research analysis and portfolio management. Mr. Orrico received a BA from Georgetown University.

Todd Munn


Start Date

Tenure

Tenure Rank

Jan 31, 2005

17.34

17.3%

Munn is a portfolio manager of Water Island Capital, LLC. Prior to becoming a portfolio manager of the Fund, Mr. Munn was a senior equity analyst for the Fund. Mr. Munn received a Master of Business Administration degree from Fordham Graduate School of Business in 2003 and a Bachelors degree from Gettysburg College in 1993 — with a double major in Finance and Accounting.

Roger Foltynowicz


Start Date

Tenure

Tenure Rank

Jan 31, 2005

17.34

17.3%

Roger Foltynowicz, CAIA, received a Master of Science degree from Pace University in 2006 – with a major in Investment Management – and a Bachelor's degree from Presbyterian College in 1999 – with a major in Business Administration.

Matthew Osowiecki


Start Date

Tenure

Tenure Rank

Jun 30, 2016

5.92

5.9%

Matthew Osowiecki joined Water Island Capital, LLC in 2007. Before joining Water Island Capital, Mr. Osowiecki worked in the Investment Product Division of The Hartford and as a project manager in commercial development. Mr. Osowiecki received a Bachelor of Science in Finance from the University of Connecticut.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 30.59 6.3 9.42